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MarketWatch MarketPulseMay 27, 2020
Ralph Lauren shares slip after wider-than-expected losses
Ralph Lauren Inc. shares slipped 1.3% in Thursday premarket trading after the luxury clothing and accessories company reported wider-than-expected fourth-quarter losses. Net losses totaled $249 million, or $3.38 per share, after net income of 31.6 million, or 39 cents per share, last year. Adjusted losses of 68 cents per share were below the FactSet consensus for losses of 26 cents per share. Revenue of $1.27 billion was down from $1.51 billion last year but just ahead of the $1.26 billion FactSet outlook. The revenue decline was attributed to the coronavirus pandemic and Hong Kong protests. Revenue in North America was down 11% to $629 million and in Asia, revenue was down 22% to $214 million. Europe fell 19% to $353 million. Ralph Lauren ended fiscal 2020 with $2.1 billion in cash and investments and $1.2 billion in debt. The company drew down $475 million from its global credit facility and took other measures in response to COVID-19, including halving Chief Executive Patrice Louvet's salary, eliminating Chief Creative Officer Ralph Lauren's salary and bonus, and furloughing a "substantial portion" of store and corporate employees. Ralph Lauren stock has slumped 30.6% for the year to date while the S&P 500 index is down 7.4% for the period.

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